Daijiworld Media Network - London

London, Sep 23: The very well-known British travel group Thomas Cook collapsed after failing to secure rescue funding, causing the UK’s biggest repatriation since World War II to cancel travel bookings for its more than 600,000 global passengers early Monday, September 23.

As per sources, the travel operator had been desperately seeking £200 million ($250 million, 227 million euros) from private investors to save it from collapse.

In its statement Thomas Cook said "Despite considerable efforts, those discussions have not resulted in agreement between the company's stakeholders and proposed new money providers, the company's board has therefore concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect."

According to the British government, the return of Thomas Cook’s 150,000 British customers abroad would be the largest repatriation in its history. However, officials confirmed the repatriation process is set to begin later Monday.

Thomas Cook chief executive Peter Fankhauser called it a ‘deeply sad day’. "It is a matter of profound regret to me and the rest of the board that we were not successful," he said as per sources.

Explaining the repatriation plan, British Transport secretary Grant Shapps said dozens of charter planes had been hired to fly customers home free of charge. He also informed that hundreds of people were staffing call centers and airport operations centers.